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Sept. 14, 2021, 6:40 a.m. EDT

Rao's pizza sauce parent Sovos Brands to raise up to $372.8 million in IPO at valuation of up to $1.6 billion

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By Ciara Linnane

SOVO

Sovos Brands Inc. /zigman2/quotes/229497596/composite SOVO +0.45% , the company behind Rao's pizza sauces and noosa yogurt, set terms for its initial public offering on Tuesday, with plans to offer 23.3 million shares, priced at $14 to $16 each. The company would raise $372.8 million at a valuation of $1.6 billion at the top of that range. JP Morgan and Goldman Sachs are lead underwriters on the deal with proceeds to be used to repay borrowings under its credit facilities and for general corporate purposes. The company had net income of $10.4 million in the 26 weeks to June 26, up from $9.1 million in the year-earlier period. Sales rose to $351.2 million from $261.4 million.

/zigman2/quotes/229497596/composite
US : U.S.: Nasdaq
$ 15.50
+0.07 +0.45%
Volume: 301,205
Dec. 1, 2021 4:00p
P/E Ratio
217.39
Dividend Yield
N/A
Market Cap
$1.56 billion
Rev. per Employee
N/A
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